Appellant's challenge to Liquidator's forfeiture of Rs.96 lakh ...

EMD forfeiture upheld for non-payment after e-auction; bidder breached terms despite reminders. Sale certificate subject to tribunal orders.

July 18, 2024

Case Laws Insolvency and Bankruptcy AT

Appellant's challenge to Liquidator's forfeiture of Rs.96 lakh EMD for non-payment of balance amount within stipulated timeline after e-auction of assets was dismissed. E-auction process document clearly allowed forfeiture if successful bidder failed to make complete payment within 90 days. Appellant breached terms by non-payment despite Liquidator's reminders. Issuance of sale certificate was subject to NCLT/NCLAT orders, and delay wasn't Liquidator's deficiency. Appellant wasn't entitled to EMD refund or compensation as claimed. Adjudicating Authority's order upholding Liquidator's actions was upheld.

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Appellant's challenge to Liquidator's forfeiture of Rs.96 lakh ...

EMD forfeiture upheld for non-payment after e-auction; bidder breached terms despite reminders. Sale certificate subject to tribunal orders.

July 18, 2024

Case Laws Insolvency and Bankruptcy AT

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